PepsiCo's (PEP) $6 billion bid for two of its bottlers is poised to have a far reaching effect across the U.S. beverage industry by spurring more cost savings for Pepsi, prompting big changes in distribution and may even push rival Coca-Cola Co. (KO) to weigh a similar deal.

More immediately, PepsiCo's bid could spark a round of negotiations with the bottlers it is offering to buy if their boards decide to push for a higher deal price. PepsiCo said Monday it is offering $29.50 in cash and stock for each share of Pepsi Bottling Group (PBG) and is making a separate offer for PepsiAmericas Inc. (PAS) at $23.27. The stocks of both bottlers soared Monday, hitting levels that were above the implied acquisition price. Pepsi Bottling was recently up 21% to $30.48 and PepsiAmericas recently added 21% to $24.08.

One arbitrage trader said he bought the bottlers' stocks Monday morning in the hopes that there would be a higher price coming along, especially since Pepsi's offer was unsolicited.

Shares of Coca-Cola Enterprises Inc. (CCE), Coke's largest bottler, also rose nearly 8% in early trading and was recently up 2% to $15.18 as investors contemplated the possibility that Coke might move in Pepsi's direction.

"If Pepsi is successful in dramatically changing its go-to-market strategy in beverage, giving it a competitive advantage both in execution and cost saves, Coke may have no choice but to ultimately buy Coca-Cola Enterprises," said ConsumerEdge Research analyst Bill Pecoriello.

Coke has recently worked with Coca-Cola Enterprises, to set up a joint organization to coordinate supply-chain activity. Coke - which reports earnings Tuesday - declined to comment.

Pepsi said its efforts at consolidation would create annual pre-tax synergies of more than $200 million through cost reductions and efficiencies of scale. Analysts said Monday that the estimate appeared to be conservative and that Pepsi could see more cost savings than its first estimate.

Pepsi on Monday reported earnings that were better than expected. In an interview, PepsiCo's Chief Financial Officer Richard Goodman said the bottler deals would help the company in a variety of ways by allowing a greater push for brands like Gatorade through the bottling system. It would also allow Pepsi to work better with retailers in its offering of snacks and drinks, he said. Pepsi believes "the offer we made is a very fair offer," Goodman said. "We didn't make it at the bottom of the market."

The proposed deals took investors by surprise and Pepsi's shares were recently down 3.4% to $50.21. Pepsi posted first-quarter net income of $1.14 billion, or 72 cents a share, compared with $1.15 billion, or 70 cents a share, a year earlier. Revenue slipped 0.8% to $8.26 billion. Analysts polled by Thomson Reuters expected earnings of 67 cents on revenue of $8.28 billion.

-By Anjali Cordeiro, Dow Jones Newswires; 201-938-2408; anjali.cordeiro@dowjones.com